Jaguar Mining (NYSE:JAG) Closes $100 Million Senior Notes Offering

Jaguar Mining (NYSE:JAG) announced they've closed on their $99.3 million senior notes offering. The aggregate principal amount was $103.5 million.

Included in the issuance was $13.5 million aggregate principal amount of notes following the full exercise of the over-allotment option granted by Jaguar to the original purchasers.

The 5.5% senior convertible notes will be due 2016. Net capital raised from the issuance will be close to $99.3 million.

Jaguar said the majority of the funds will be used to capitalize their Gurupi Project, as well as for general purposes and working capital.

Jaguar was trading in New York at $5.32, down $0.05, or 0.93 percent, as of 2:27 PM EST.

"New Gold Inc." Lowers Debt by Buying Back Senior Secured Notes

In a move to lower its debt load, New Gold Inc (NGD.TO) bought back C$50 million of its senior secured notes at 40 percent off their face value.

As a result, the senior secured debt load of the company will fall from C$237 million to C$187 million. That will also help the company cut an annual C$5 million in costs related to interest from the lowered debt.

Overall debt for the company will be down to C$242 million at the close of the deal.

New Gold estimates there will be a pre-tax increase of $14 million in the first quarter in response to their actions.